bank |
means TSB Bank Limited |
borrower |
means the person referred to as borrower in any loan contract and is also referred to as “you” and “your” |
charges |
means any costs or payments of any nature which you are required to pay under any loan contract, loan document or these terms. |
covenantor |
means the person referred to as covenantor in any loan contract and is also referred to as “you” and “your" |
daily interest rate |
means the interest rate divided by 365 |
credit fees |
means the credit fees set out in the lending fees schedule |
date of advance |
in respect of each loan contract is the date that the first drawdown is provided by the bank to you |
default |
means a failure:
- to pay an amount when it is due to be paid by you; or
- to otherwise comply with or perform any obligation which you have agreed to perform under these terms
|
default fees |
means the default fees out in the lending fees schedule |
default interest |
means interest payable at the default rate |
default rate |
means the rate at which default interest is payable as set out in any loan contract |
disclosure date |
means the date that disclosure under the Credit Contracts and Consumer Finance Act 2013 is made to you |
disclosure statement |
means a statement providing the necessary information to you as required by the disclosure provisions of the Credit Contracts and Consumer Finance Act 2005 |
drawdown fee |
has the meaning given to that term in the lending fees schedule |
fixed rate |
means the rate where the rate of interest is fixed for a fixed period |
fixed loan prepayment fee |
has the meaning given to that term in the lending fees schedule |
fixed loan prepayment interest |
has the meaning given to that term in the lending fees schedule |
fixed rate term |
means the period during which the interest rate has been fixed at a fixed rate |
general security agreement |
means an agreement that creates or provides for a security interest over all of the assets of the party signing the agreement |
guarantee |
means a separate form of deed of guarantee entered into by a third party in favour of the bank as a security |
guarantor |
means a person that has executed a guarantee |
initial disclosure statement |
means a statement provided to you prior to you entering into a loan contract providing the necessary information to you as required by the disclosure provisions of the Credit Contracts and Consumer Finance Act 2003 |
initial unpaid balance |
means, in respect of each loan, the balance owing at the time of entering into that loan contract |
instalment loan |
means a type of loan where the amount of principal in each payment remains the same throughout the term of the loan. However, the interest portion of each payment will vary depending upon the interest rate that applies and the amount of principal still owing |
interest |
means the interest payable by you under a loan contract |
interest rate |
means the rate of interest payable on any loan as set out in the relevant loan contract |
lending fees schedule |
means the document provided by the bank which sets out the credit fees and other charges applicable from time to time |
loan |
means a loan provided to a borrower by the bank |
loan contract |
means any contract setting out the terms of a loan provided by the bank |
lien over account |
means an agreement that creates a charge over money in a particular bank account |
loan document |
means a loan contract, mortgage, general security agreement, specific security agreement, lien over account, guarantee and any other document entered into by a borrower or covenantor relating to a loan |
loan schedule |
means the schedule(s) attached to the loan contract setting out the terms of each loan |
management fee |
has the meaning given to that term in the lending fees schedule |
mortgage |
includes:
- any charge over property for securing payment of amounts or the performance of obligations; and
- any registered mortgage
|
overdraft limit |
in respect of an overdraft loan, means the total amount that you can borrow |
overdraft loan |
means a loan made available to a borrower that provides for a borrower to borrow, repay and re-borrow amounts up to an overdraft limit |
payment dates |
means the dates that you are required to make payments as nominated by you and agreed to by us |
person |
means an individual, firm, company, corporation, an association of persons (whether corporate or not), trust, or governmental agency and any other entity (in each case, whether or not having a separate legal personality) |
principal |
means all amounts advanced to you by the bank |
repayment date |
means the date set out in any loan contract that all monies are required to be repaid by |
revolving credit limit |
in respect of a revolving credit loan, means the total amount that you can borrow |
revolving credit loan |
means a loan made available to a borrower that provides for a borrower to borrow, repay and re-borrow amounts up to a revolving credit limit |
security |
means each security interest described in a loan contract including any guarantee given as security in connection with a loan |
secured assets |
means property of any nature which has been charged in our favour to secure obligations |
security interest |
means any mortgage, general security agreement, specific security agreement, lien over an account or other charge |
service fee |
has the meaning given to that term in the lending fees schedule |
specific security agreement |
means an agreement that creates or provides for a security interest over specific assets of the party signing the agreement |
table loan |
means a type of loan where the amount of each payment throughout the term of the loan remains the same unless there is a change in the interest rate |
term |
means the period of a loan |
these terms |
means these loan contract terms |
upon demand |
means demand being made by notice in writing and served on the borrower in the manner set out in these terms |
variable rate |
means the housing variable interest rate prescribed by the bank from time to time |
working day |
means a day (other than a Saturday or Sunday) on which registered banks are open for general banking business in the province in which the act is to be done |
unpaid balance |
means in respect of a loan, the amount owing from time to time |